RSA 383-C:8-802 · Application for Change of Ownership of Trust Company

383-C:8-802 Application for Change of Ownership of Trust Company. –

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(a)

Before consummation of any proposed change of ownership of a trust company, the new owner or new owners of trust company equity shall file an application with the commissioner describing the proposed change of ownership of the trust company as required under RSA 383-A:6-602 and this section. The application for a proposed change of ownership of a trust company shall be in the form prescribed by the commissioner and shall include the following information:

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(1)

The identity, personal history, business background, and experience of the proposed new owner or new owners, including (i) each new owner's material business activities and affiliations during the past 5 years, (ii) a description of any material pending legal or administrative proceedings in which the new owner is a party and (iii) a description of any criminal indictment or conviction of the new owner by a state or federal court. To fulfill the requirements of (iii), the commissioner may require the proposed owner or owners to submit to a criminal history records check by following the procedure prescribed under RSA 383-A:3-305(e)(3)-(4);

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(2)

A statement of the assets and liabilities of each new owner as of the end of the fiscal year for each of the 3 fiscal years immediately preceding the date of the notice and an interim statement of the assets and liabilities of the new owner as of a date not more than 90 days before the date of the notice;

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(3)

The material terms and conditions of the proposed change of ownership of the trust company and the manner in which the transaction is to be consummated.

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(b)

Except as provided in subsection (c), a change of ownership of a trust company shall not be effective until the commissioner, acting under RSA 383-A:6-604, approves the proposed change of ownership.

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(c)

If a change of ownership of a trust company occurs by reason of an involuntary change of ownership outside the reasonable control of the owner of trust company equity, then the trust company, either alone or with the new owner or new owners, shall file with the commissioner the application described in subsection (a) as promptly as reasonably practicable after the occurrence of that involuntary change of ownership. Any new owner or new owners holding trust company equity as a result of an involuntary change of ownership shall hold the trust company equity subject to determination of the commissioner under RSA 383-C:8-804. Source. 2015, 272:16. 2016, 230:2, eff. Aug. 8, 2016.

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